VICI Properties Inc. (NYSE: VICI) reported Q3 EPS of $0.31, $0.02 worse than the analyst estimate of $0.33. Revenue for the quarter came in at $222.5 million versus the consensus estimate of $223.99 million.

Third Quarter 2019 Financial Results Summary

• Total revenues were $222.5 million for the quarter ended September 30, 2019, compared to $232.7 million for the quarter ended September 30, 2018. The quarter ended September 30, 2018 included $25.1 million associated with tenant reimbursement of property taxes that are no longer recorded as revenue1. Excluding the impact of tenant reimbursement of property taxes, total revenues for the quarter ended September 30, 2019 increased 7.2% compared to the quarter ended September 30, 2018.
• Leasing revenues were $216.9 million for the quarter ended September 30, 2019, representing a 7.3% increase compared to $202.1 million for the quarter ended September 30, 2018.
• Net income attributable to common stockholders for the quarter ended September 30, 2019 was $144.4 million, representing 11.2% growth compared to $129.9 million for the quarter ended September 30, 2018. Per share net income attributable to common stockholders for the quarter ended September 30, 2019 was $0.31 per diluted share compared to $0.35 per diluted share for the quarter ended September 30, 2018.
• NAREIT-defined Funds From Operations (“FFO”) attributable to common stockholders was $144.4 million, or $0.31 per diluted share, for the quarter ended September 30, 2019, compared to $129.9 million, or $0.35 per diluted share, for the quarter ended September 30, 2018.
• Adjusted Funds From Operations (“AFFO”) attributable to common stockholders was $164.6 million for the quarter ended September 30, 2019, representing an increase of 24.5% compared to AFFO of $132.2 million for the quarter ended September 30, 2018. AFFO per share was $0.35 per diluted share for the quarter ended September 30, 2019 compared to $0.36 per diluted share for the quarter ended September 30, 2018.
• The year-over-year decrease in per share results is directly attributable to a 25.8% increase in the share count, which increased due to the issuance of 50 million shares in June 2019 and 34.5 million shares in November 2018 both of which enable the Company to finance its acquisition pipeline on a leverage-neutral basis.

Third Quarter 2019 Overview

“In the third quarter of 2019 VICI once again showed itself to be one of America’s fastest-growing REITs,” said Edward Pitoniak, Chief Executive Officer. “Year over year we enjoyed the benefit of incremental rent from our Harrah’s Philadelphia, Margaritaville and Greektown acquisitions, the rent escalation called for in our leases, and 11 days of rent from our most recently closed acquisition, JACK Cincinnati. In last year’s third quarter, we collected rent from one tenant, Caesars, and this year we collected rent from three tenants, evidence of our ability to both grow and diversify our rent roll.”

John Payne, President and COO, also commented, “In the third quarter we officially expanded our tenant roster with Hard Rock International, an international leader in gaming, entertainment and hospitality experiences, by closing on the acquisition of JACK Cincinnati. Additionally, earlier this week, we announced our fourth transaction of 2019 with the pending acquisition of JACK Cleveland Casino and JACK Thistledown Racino in a sale-leaseback transaction with JACK Entertainment. The transaction with JACK Entertainment brings our total announced transactions in 2019 to $4.9 billion, and total acquisitions – including pending transactions – since our company was formed to $7.6 billion. We\'re proud of what we've accomplished in the two years since our Company's formation, and we remain committed to diversifying our tenant base with best-in-class operators, expanding geographically in attractive markets and creating value for our shareholders by executing accretive transactions.”

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